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Exclusive interview of Currency Fair

Here's the end of the interview. Enjoy. Feel free to comment !

 

Activities :

BJ :Now that you have started to run your business, what is your communication strategy?

CF:

Our communications strategy is focused on positioning CurrencyFair.com as a trusted, peer-to-peer currency exchange service that provides some of the best rates online. One of the major selling points for the service is the opportunity to beat the interbank rate by cutting out the banks, something that we felt respected FX and Finance Industry members would be particularly interested in. We have also been in touch with prolific ex-pats and relocation experts, looking at the online services they recommend for transferring money abroad to support their business or retirement plans and highlighting the fact we are regulated by the Irish Financial Regulator.

We are always keen to hear direct feedback, and this has definitely been a big part of our communications; we have been initiating conversations with individuals from relevant blogs and websites who really understand their audiences and successfully run active communities, asking them to try out the CurrencyFair website in its beta phase to let us know what they think could be improved, as well as giving them insight into the company through closer access to the CurrencyFair team. We're happy with the way the site is developing and we're now working towards gaining some coverage with wider press, by explaining how CurrencyFair is a very unique, friendly and fair alternative in this current financial climate.

 

BJ: As a PI, do you wish to passport into other EEA states? What is your strategy about this? Do you plan to extend your activities to others countries?

CF:One of the great aspects of the PSD is the ease in which we can now offer services to other member states. We are definitely looking at extending the offering in other states though this will be on a phased approach as the business grows.

BJ: What is your development strategy? Do you consider adding more services like providing payment card linked to the Currency Fair payment account?

CF:One of the areas we are looking to provide additional services is in relation to prepaid currency cards so that users can withdraw their funds they have exchanged using CurrencyFair using a card that is in the local currency of their destination. This has the benefit of large savings compared to using the bureau de change at the airport for example or letting the credit card companies exchange for you at a rate you have no choice but to accept.

BJ :Are you looking for new partners?

CF:At this stage our primary concern is on delivering the best possible user experience for the current business model. When we are 100% sure we have done this we may start to look for partnerships in other areas. We see our biggest partnership as being with our customers. We constantly look for and respond to feedback in order to meet their needs and improve the service.

BJ :You said in the press that your first target is to have 10 000 customers at the end of 2010. Do you confirm this number?

CF:We are aiming for 10,000 customers after our first 12 months in operation and we are on target to reach this by April 2011. Of course we are hoping to do so earlier.

Information system

BJ: Could you give an overview of your information system?

CF:The website is JAVA based with the database being delivered by Oracle. We have built a suite of proprietary systems that are purpose built to manage the day to day operations and comply with reporting requirements from both a financial and regulatory perspective.

BJ: What was the main challenge for you from a technical point of view?

CF:The main technical challenge for any internet based financial services firm is security. We have employed best of breed providers to ensure maximum security of data and availability of service through redundancy protocols. All systems have been built and managed to ensure scalability above and beyond our projected targets.

BJ:Thanks Brett !

 

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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